For example, recently I heard the figure of 9.1% inflation within the last year for the U.S. if you factor in all types of things.
Which also means that in polls 75% of The American People consider inflation the single most important issue right now (which means they consider this more important than Russia massacring a whole nation in Ukraine) which likely isn't good for Ukrainians generally speaking too. And the inflation has already sent parts of Europe into Recession already. So, even though the U.S. is not in recession yet, parts of Europe are already there.
So, a part of the war being waged by Moscow and Putin against all the democracies on earth is directly through inflation. The more oil costs to buy worldwide the more (potentially at least) money that Putin can make to finance his war because most of the Russian government is funded almost exclusively by Oil Sales to other countries.
And they don't have to be just Europe it can be sales to China or India or elsewhere too.
So, if 75% of the American people feel that inflation is the single most important issue this fall too then this is bad for Biden and possibly bad for Democrats too unless something changes this between now and then.
However, I would say there are two main factors in inflation right now:
1. Russian Oil and how it is being handled worldwide. and
2. harm to the world economy from two years of millions of people worldwide dying of Covid and all the after effects still reverberating around the world from this and present and future variant hits the world takes like right now.
For example, in California around 75% of the people are vaccinated against Covid so they aren't going to the hospital when they get it. However, people not vaccinated are still going to the hospital and some are dying of it still today. This will harm the world through inflation too in various ways as a shock to the world system as well.
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